InsuranceInsurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured.
Life insuranceLife insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum.
Liability insuranceLiability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common peril formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement).
Vehicle insuranceVehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects.
Accident insuranceAccident insurance is a type of insurance where the policy holder is paid directly in the event of an accident resulting in injury of the insured. The insured can spend the benefit payment however they choose. Accident insurance is complementary to, not a replacement for, health insurance. Accident-proneness While accidents and their causes vary wildly, the general definition of an accident is an unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury.
Catastrophe modelingCatastrophe modeling (also known as cat modeling) is the process of using computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event such as a hurricane or earthquake. Cat modeling is especially applicable to analyzing risks in the insurance industry and is at the confluence of actuarial science, engineering, meteorology, and seismology.
Distribution (marketing)Distribution is the process of making a product or service available for the consumer or business user who needs it, and a distributor is a business involved in the distribution stage of the value chain. Distribution can be done directly by the producer or service provider, or using indirect channels with distributors or intermediaries. Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion.
Social insuranceSocial insurance is a form of social welfare that provides insurance against economic risks. The insurance may be provided publicly or through the subsidizing of private insurance. In contrast to other forms of social assistance, individuals' claims are partly dependent on their contributions, which can be considered insurance premiums to create a common fund out of which the individuals are then paid benefits in the future.
Health insuranceHealth insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.
Disaster risk reductionDisaster risk reduction (DRR) sometimes called disaster risk management (DRM) is a systematic approach to identifying, assessing and reducing the risks of disaster. It aims to reduce socio-economic vulnerabilities to disaster as well as dealing with the environmental and other hazards that trigger them.
SwitzerlandSwitzerland, officially the Swiss Confederation, is a landlocked country located at the confluence of Western, Central and Southern Europe. It is bordered by Italy to the south, France to the west, Germany to the north and Austria and Liechtenstein to the east. Switzerland is geographically divided among the Swiss Plateau, the Alps and the Jura; the Alps occupy the greater part of the territory, whereas most of the country's population of 8.7 million are concentrated on the plateau, which hosts the largest cities and economic centres, including Zürich, Geneva and Basel.
Natural disasterA natural disaster is the highly harmful impact on a society or community following a natural hazard event. Some examples of natural hazard events include: flooding, drought, earthquake, tropical cyclone, lightning, tsunami, volcanic activity, wildfire. A natural disaster can cause loss of life or damage property, and typically leaves economic damage in its wake. The severity of the damage depends on the affected population's resilience and on the infrastructure available.
DisasterA disaster is a serious problem occurring over a period of time that causes widespread human, material, economic or environmental loss which exceeds the ability of the affected community or society to cope using its own resources. Disasters are routinely divided into either "natural disasters" caused by natural hazards or "human-instigated disasters" caused from anthropogenic hazards. However, in modern times, the divide between natural, human-made and human-accelerated disasters is difficult to draw.
Sustainable developmentSustainable development is an organizing principle that aims to meet human development goals while also enabling natural systems to provide necessary natural resources and ecosystem services to humans. The desired result is a society where living conditions and resources meet human needs without undermining the planetary integrity and stability of the natural system. Sustainable development tries to find a balance between economic development, environmental protection, and social well-being.
Human Development IndexThe Human Development Index (HDI) is a statistical composite index of life expectancy, education (mean years of schooling completed and expected years of schooling upon entering the education system), and per capita income indicators, which is used to rank countries into four tiers of human development. A country scores a higher level of HDI when the lifespan is higher, the education level is higher, and the gross national income GNI (PPP) per capita is higher.
